Cognitive biasA cognitive bias is a systematic pattern of deviation from norm or rationality in judgment. Individuals create their own "subjective reality" from their perception of the input. An individual's construction of reality, not the objective input, may dictate their behavior in the world. Thus, cognitive biases may sometimes lead to perceptual distortion, inaccurate judgment, illogical interpretation, and irrationality. While cognitive biases may initially appear to be negative, some are adaptive.
EntrepreneurshipEntrepreneurship is the creation or extraction of economic value. With this definition, entrepreneurship is viewed as change, generally entailing risk beyond what is normally encountered in starting a business, which may include other values than simply economic ones. An entrepreneur is an individual who creates and/or invests in one or more businesses, bearing most of the risks and enjoying most of the rewards. The process of setting up a business is known as "entrepreneurship".
Locus of controlLocus of control is the degree to which people believe that they, as opposed to external forces (beyond their influence), have control over the outcome of events in their lives. The concept was developed by Julian B. Rotter in 1954, and has since become an aspect of personality psychology. A person's "locus" (plural "loci", Latin for "place" or "location") is conceptualized as internal (a belief that one can control one's own life) or external (a belief that life is controlled by outside factors which the person cannot influence, or that chance or fate controls their lives).
Cognitive inertiaCognitive inertia is the tendency for a particular orientation in how an individual thinks about an issue, belief, or strategy to resist change. In clinical and neuroscientific literature, it is often defined as a lack of motivation to generate distinct cognitive processes needed to attend to a problem or issue. The physics term inertia is to emphasize the rigidity and resistance to change in the method of cognitive processing that has been in use for a significant amount of time.
Knowledge managementKnowledge management (KM) is the collection of methods relating to creating, sharing, using and managing the knowledge and information of an organization. It refers to a multidisciplinary approach to achieve organizational objectives by making the best use of knowledge. An established discipline since 1991, KM includes courses taught in the fields of business administration, information systems, management, library, and information science. Other fields may contribute to KM research, including information and media, computer science, public health and public policy.
Prior probabilityA prior probability distribution of an uncertain quantity, often simply called the prior, is its assumed probability distribution before some evidence is taken into account. For example, the prior could be the probability distribution representing the relative proportions of voters who will vote for a particular politician in a future election. The unknown quantity may be a parameter of the model or a latent variable rather than an observable variable.
Knowledge transferKnowledge transfer is the sharing or disseminating of knowledge and the providing of inputs to problem solving. In organizational theory, knowledge transfer is the practical problem of transferring knowledge from one part of the organization to another. Like knowledge management, knowledge transfer seeks to organize, create, capture or distribute knowledge and ensure its availability for future users. It is considered to be more than just a communication problem.
Knowledge workerKnowledge workers are workers whose main capital is knowledge. Examples include ICT Professionals, physicians, pharmacists, architects, engineers, scientists, design thinkers, public accountants, lawyers, editors, and academics, whose job is to "think for a living". Knowledge work can be differentiated from other forms of work by its emphasis on "non-routine" problem solving that requires a combination of convergent and divergent thinking. But despite the amount of research and literature on knowledge work, there is no succinct definition of the term.
Attribution (psychology)Attribution is a term used in psychology which deals with how individuals perceive the causes of everyday experience, as being either external or internal. Models to explain this process are called Attribution theory. Psychological research into attribution began with the work of Fritz Heider in the early 20th century, and the theory was further advanced by Harold Kelley and Bernard Weiner. Heider first introduced the concept of perceived 'locus of causality' to define the perception of one's environment.
Endogenous growth theoryEndogenous growth theory holds that economic growth is primarily the result of endogenous and not external forces. Endogenous growth theory holds that investment in human capital, innovation, and knowledge are significant contributors to economic growth. The theory also focuses on positive externalities and spillover effects of a knowledge-based economy which will lead to economic development. The endogenous growth theory primarily holds that the long run growth rate of an economy depends on policy measures.
Self-serving biasA self-serving bias is any cognitive or perceptual process that is distorted by the need to maintain and enhance self-esteem, or the tendency to perceive oneself in an overly favorable manner. It is the belief that individuals tend to ascribe success to their own abilities and efforts, but ascribe failure to external factors. When individuals reject the validity of negative feedback, focus on their strengths and achievements but overlook their faults and failures, or take more credit for their group's work than they give to other members, they are protecting their self-esteem from threat and injury.
Theory of the firmThe theory of the firm consists of a number of economic theories that explain and predict the nature of the firm, company, or corporation, including its existence, behaviour, structure, and relationship to the market. Firms are key drivers in economics, providing goods and services in return for monetary payments and rewards. Organisational structure, incentives, employee productivity, and information all influence the successful operation of a firm in the economy and within itself.
Economic growthEconomic growth can be defined as the increase or improvement in the inflation-adjusted market value of the goods and services produced by an economy in a financial year. Statisticians conventionally measure such growth as the percent rate of increase in the real and nominal gross domestic product (GDP). Growth is usually calculated in real terms – i.e., inflation-adjusted terms – to eliminate the distorting effect of inflation on the prices of goods produced. Measurement of economic growth uses national income accounting.
Self-controlSelf-control, an aspect of inhibitory control, is the ability to regulate one's emotions, thoughts, and behavior in the face of temptations and impulses. As an executive function, it is a cognitive process that is necessary for regulating one's behavior in order to achieve specific goals. A related concept in psychology is emotional self-regulation. Self-control is thought to be like a muscle. According to studies, self-regulation, whether emotional or behavioral, was proven to be a limited resource which functions like energy.
Market (economics)In economics, a market is a composition of systems, institutions, procedures, social relations or infrastructures whereby parties engage in exchange. While parties may exchange goods and services by barter, most markets rely on sellers offering their goods or services (including labour power) to buyers in exchange for money. It can be said that a market is the process by which the prices of goods and services are established. Markets facilitate trade and enable the distribution and allocation of resources in a society.
Conjugate priorIn Bayesian probability theory, if the posterior distribution is in the same probability distribution family as the prior probability distribution , the prior and posterior are then called conjugate distributions, and the prior is called a conjugate prior for the likelihood function . A conjugate prior is an algebraic convenience, giving a closed-form expression for the posterior; otherwise, numerical integration may be necessary. Further, conjugate priors may give intuition by more transparently showing how a likelihood function updates a prior distribution.
TechnologyTechnology is the application of knowledge for achieving practical goals in a reproducible way. The word technology can also mean the products resulting from such efforts, including both tangible tools such as utensils or machines, and intangible ones such as software. Technology plays a critical role in science, engineering, and everyday life. Technological advancements have led to significant changes in society.
Market analysisA market analysis studies the attractiveness and the dynamics of a special market within a special industry. It is part of the industry analysis and thus in turn of the global environmental analysis. Through all of these analyses the strengths, weaknesses, opportunities and threats (SWOT) of a company can be identified. Finally, with the help of a SWOT analysis, adequate business strategies of a company will be defined.
Ethics of technologyThe ethics of technology is a sub-field of ethics addressing the ethical questions specific to the Technology Age, the transitional shift in society wherein personal computers and subsequent devices provide for the quick and easy transfer of information. Technology ethics is the application of ethical thinking to the growing concerns of technology as new technologies continue to rise in prominence. The topic has evolved as technologies have developed. Technology poses an ethical dilemma on producers and consumers alike.
Science and technology studiesScience and technology studies (STS) or science, technology, and society is an interdisciplinary field that examines the creation, development, and consequences of science and technology in their historical, cultural, and social contexts. Like most interdisciplinary fields of study, STS emerged from the confluence of a variety of disciplines and disciplinary subfields, all of which had developed an interest—typically, during the 1960s or 1970s—in viewing science and technology as socially embedded enterprises.
